Reuters 20 Aug 2013
German reinsurer Hannover Re said it was in talks to acquire a minority stake in life insurer Heidelberger Leben, which Britain’s Lloyds Banking Group is selling as part of plans to exit overseas markets.
Hannover Re said its investment would be under 100 million euros ($133.5 million).
Its statement comes in response to media reports that Lloyds was hoping to sell the business for around 400 million euros, citing Hannover Re as the most likely buyer.
A source familiar with the matter told Reuters on Tuesday that the majority stake would be taken by a private equity investor and an announcement could come as soon as Wednesday.